A London court convicted a former investment manager at JPMorgan Bank and a former banker of defrauding the Libyan Sovereign Wealth Fund of millions of dollars by paying hidden fees to their offshore companies.
Frederick Marino was the CEO of FM Capital Partners in London that managed hundreds of millions of dollars for the investment portfolio Libya Africa when he illegally extracted investment fees with the help of the 47-year-old banker Yoshiki.
The former head of the emerging markets group for alternative investments in JPMorgan was convicted at Southwark Crown Court in London on charges of conspiracy to commit fraud by misusing a position of trust between February 2009 and October 2014.